Owing money to the IRS is a very serious issue, but it isn’t a cause for panic. An experienced tax specialist can work with the IRS on your behalf to resolve complex problems that you can't otherwise be able to handle on your own. Below are just a few situations that a tax resolution service can help with.
Offer in Compromise
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay. The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122). Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right." If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer. Get a Consultation on the solutions to your tax problems by completing the form.
If you have a tax debt and can’t afford to pay in full, then you can set up an IRS installment agreement. The IRS installment agreement allows you to pay your taxes over a number of months or years and will keep the IRS from attacking your bank accounts and other assets. To qualify for an IRS installment agreement, you must file all required returns and forms, must be current with your estimated tax payments, and if you are an employer, you must be current with your federal tax deposits. So, if you have a tax debt, you need to get in to compliance before the government will allow you to pay prior years taxes over time. Once your returns are filed, then you must make estimated quarterly payments for the current year or increase your withholding to ensure you won’t owe this year. If you do owe and can’t pay, the installment agreement will be voided and all of your hard work will have been wasted. The primary purpose of the IRS installment agreement is to allow you to pay your tax debt in full over time. However, because the IRS has only 10 years to collect from you after the tax is assessed/return(s) filed, you might not need to pay the full amount. If the 10 year collection statute expires while you are in an installment agreement, the remaining balance is eliminated and you get a fresh start. If you’re granted an IRS installment agreement that does not pay the balance in full before the statute expires, the IRS will review your account every two years to look for additional income sources. They will also compare future tax returns to the financial statement you submitted to determine if you can afford to pay more each month. Basically, you’ll be under constant review while in a partial pay installment agreement. Complete the following form if you would like to contact us to get answer of any questions you have regarding Installment Agreement Plans.
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems. Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don't meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution. Let us help you determine if Bankruptcy is a viable solution for you by completing the Consultation form..
Innocent Spouse Relief
Did you know that you can get out of the tax debt due to the misdeeds or fraud committed by your spouse? Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim of fraud perpetrated by their spouse or ex-spouse. If you qualify for Innocent Spouse Relief, you may not owe any tax. Please complete the Consultation form on this page to see if you qualify for Innocent Spouse Relief.
Did you know that you can obtain a copy of your IRS file? Most people would be surprised to learn how much the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems. Requesting copies of your IRS file is best done by a professional who understands how to obtain them without raising any red flags as well as how to interpret the information in your file. We can help you obtain a copy of your IRS file and analyze your options. Please complete the form to get a Consultation with our tax specialist.
Collection Statute Expiration Date
The Collection Statute Expiration Date, known as “CSED” amongst tax professionals and the IRS, is the date after which the IRS can no longer take legal collection action against you. Essentially, the IRS will forgive the remaining balance owed and any liens will then be self released. The CSED is 10 years from the date the tax is assessed.
Yes. The CSED may be extended for several reasons, including the following:
Get a Consultation to know more about Collection Statute Expiration Data by completing the form
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Makemytaxes is a company which provide Tax Debt Resolution and Debt relief.Our service is to get the taxpayer immediate relief from IRS or State Tax debt relief.Find out More